One of the first steps to getting a loan for a new car is to have a good credit history. You may not have a bad credit history, but if you have no credit history, getting a loan for a vehicle might be difficult. At Arsenal, we want to help establish your credit and get you into a better vehicle with our first-time borrower program.
To qualify for this program, you must have no previous credit and no derogatory credit. Potential borrowers who have debt from student loans can also apply for the program, perfect for recent college graduates who need a car to get to their new job. The program is also great if you have always paid for older, high-mileage used cars with cash and want to drive a more reliable vehicle.
With the program, you can borrow up to $12,000 at terms up to 60 months with no down payment. First-time borrowers can also apply for a signature/personal loan up to $2,500 at terms up to 36 months, which is a much better opportunity than taking out a payday loan. First-time borrowers also receive access to training components to learn about building their credit as well as free financial counseling.
To apply for a loan, visit any of our branches, complete an online application, or call us at 314.962.6363 or 618.239.6363, option 6 then 3.
Borrowers ages 16 and 17 must have a co-signer of legal age and fully qualified for credit for contract enforceability.